Monteagle, Tennessee Property Taxes
The median property tax rate in Monteagle, TN is 0.47%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $453,200 in Monteagle, the typical annual property tax bill amounts to $2,125, which is below the national median of $2,690. Property taxes in Monteagle are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Monteagle's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Monteagle or another part of Franklin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monteagle, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
Ownwell’s Monteagle Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monteagle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monteagle to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Monteagle, Tennessee
Property taxes in Monteagle, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monteagle is 0.47%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Monteagle set these rates annually, and they can vary across different neighborhoods. Each year, Monteagle estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Monteagle's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37356 has the highest and lowest median property tax rate of 0.47%. Understanding how these cities compare with Monteagle provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monteagle Tax Rate
0.47%
Average Franklin County Tax Rate
0.47%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monteagle, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37356 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Monteagle, Tennessee
In Monteagle, Tennessee, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Franklin County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Monteagle, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Monteagle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Monteagle is $2,125 in zip code 37356, which is also the lowest, reflecting the town's consistent property tax landscape.
Average Monteagle Assessed Value
$453,200
Average Franklin County Assessed Value
$205,400
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monteagle, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37356 | $250,640 | $323,900 | $453,200 | $648,300 | $736,000 |
Source: Ownwell
Property Tax Bills Across Monteagle, Tennessee
In Monteagle, located in Franklin County, TN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and is a percentage of the home's market value. This value is then multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence this calculation, including property size, location, and any improvements or renovations made to the home. For example, Monteagle homeowners with properties in the 25th percentile pay around $1,519 annually, while those in the 75th percentile face a tax bill of approximately $3,039. The highest tax bills, seen in the 90th percentile, can reach up to $3,411. This system ensures that tax contributions are proportional to property values, affecting homeowners by potentially increasing their annual financial obligations as property values rise. Compared to the national median property tax rate of 0.99%, Monteagle's rates offer a glimpse into the local tax landscape and its impact on residents.
Average Monteagle Tax Bill
$2,125
Average Franklin County Tax Bill
$1,112
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Monteagle, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37356 | $1,175 | $1,519 | $2,125 | $3,039 | $3,411 |
Source: Ownwell